It's a lofty proposal that, at 625 feet, would surpass the Singapore Flyer, which is currently the world's tallest observation wheel at 541 feet.

The Staten Island wheel is not the only recent bid for a sky-high Ferris wheel in recent months. In November, Moscow revealed plans to build a massive, 722-foot wheel. And plans for a 550-foot-high wheel on the Las Vegas Strip are also under way.

Want to see how the Staten Island Ferris wheel stacks up against the competition?